Dec 15, 2008

India - Oil cos slash jet fuel prices by 11%

NEW DELHI: State-run oil companies on Monday cut jet fuel or aviation turbine fuel (ATF) prices by over 11 per cent, making it the seventh straight reduction since September.

ATF in Delhi has been cut by Rs 4,208.37 to Rs 32,691.28 per kilolitre effective midnight tonight, said an official of Indian Oil Corporation, the nation's largest fuel retailer.

This is the seventh straight cut in jet fuel prices since price soared to an all time high of Rs 71,028.26 per kl (in Delhi) in August. With international oil prices cooling since, the fuel prices have been slashed in subsequent months.

In Mumbai, the home to nation's busiest airport, ATF will cost Rs 33,719.46 per kl from tomorrow against Rs 38,103.19 per kl at present.

Since last month, Indian Oil, Bharat Petroleum and Hindustan Petroleum revise jet fuel prices twice a month - on the first and 16th - based on the average imported price in the preceding fortnight.

The three firms had earlier this month cut jet fuel prices on an average by Rs 2,480 per kl.